GBP-JPY: Further Upside Pressure Builds

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK ( fxtechstrategy.com) -- With a second day of recovery now under way, GBP-JPY could be building up more upside pressure toward its key resistance at the 130.08 level. This is coming on the back of a rally started from the 126.53 level.

Above here (130.08) will clear the way for a run at 132.22 level with a breach targeting the 135.09 level. Its daily RSI is has turned higher supporting this view.

On the downside, the risk to this analysis will be a return below its recent low at the 126.53 level. Further down, support lies at the 125.45 level followed by the 124.50 level and then the 122.02 level, its Jan. 25 high.

All in all, the cross remains biased to the upside though facing bear threats.

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.